A joint venture between EDEN Multifamily and Cypress Equity Investments, CE Development Partners has acquired a 1.5-acre land site in downtown Fort Lauderdale, Fla. to develop a rental apartment tower, dubbed NEXT Las Olas.

Located at 419 Southeast Second St., the property will comprise 374 units across 32 stories. Previously operated as a parking lot, the development will also include ground-floor retail space and an adjacent parking garage. The tower is designed with wraparound balconies, sleek lines and floor-to-ceiling glass. Residents will have access to amenities such as the first private urban park in downtown with a four-story waterfall, as well as:

open community space

state-of-the-art fitness facilities

golf simulator

yoga studio

peloton facility

32nd floor sky lounge

bike storage and repair shop

package and refrigerated lockers

The project will be distinguished by the latest green technology operating all HVAC and electrical systems. Construction is expected to start during the fourth quarter of 2018.

“There’s a continuing need for highly amenitized new apartment towers to accommodate the needs and increasing demand from a wide variety of different age and income cohorts,” Jay Jacobson, CEO of EDEN Multifamily, told Multi-Housing News. “The downtown core of Fort Lauderdale is becoming one of the most livable urban environments in South Florida.”